The UK Competition Appeals Tribunal upholds a decision to prohibit a merger in the energy and commodities trading sector (ICE / Trayport)

The CAT upheld on 6 March 2017 the CMA’s decision to prohibit ICE’s acquisition of the energy and commodities trading platform Trayport. The CMA’s original decision found that ICE could use ownership of Trayport to foreclose competitors, shifting liquidity to its own exchanges. It was the first